Ala. man settles case with Detroit pension funds

A businessman has agreed to pay $4 million to settle a lawsuit with Detroit's pension funds over a loan to his freight airline.

Donald Watkins of Birmingham, Ala., claimed his relationship with pension officials soured after he refused to give financial support to former Mayor Kwame Kilpatrick.

Watkins was sued in 2008 after the pension funds said he missed a loan payment and broke other agreements. The Detroit News ( http://bit.ly/10KEwqS) reports that Watkins has four years to pay $4 million. In a statement, he calls the settlement a victory because the pension funds were seeking more. Pension officials declined to comment.